Holds Above $2.82 After Sharp Decline, Technicals Point to $3.30 Breakout

XRP failed to sustain momentum above $2.88–$2.89, triggering a 4% decline as institutional selling capped the advance. Heavy volume confirmed resistance at those levels, while buyers reappeared in the $2.81–$2.83 range to stabilize price action.

The move keeps XRP locked in a 47-day consolidation under $3.00, with traders now eyeing the $2.77 support pivot and October’s SEC ETF decisions as the next catalysts.

News Background

• Six institutional asset managers have filed spot XRP ETF applications, with SEC decisions expected in October.
• Whale accumulation continues, with roughly 340 million tokens purchased in recent weeks despite persistent volatility.
• Exchange balances remain elevated above 3.5 billion XRP, raising questions of potential supply pressure if selling resumes.
• Federal Reserve policy shifts and inflation prints are shaping broader liquidity conditions across risk assets.
• Previous attempts to break higher saw 227.7 million tokens trade near $2.88–$2.89, confirming that zone as firm resistance.

Price Action Summary

• XRP traded within a $0.08 range from $2.81 to $2.89, representing 3% volatility.
• The sharpest decline came at 14:00 on Sept 5, dropping from $2.88 to $2.81 on nearly 280 million tokens traded.
• Stabilization followed, with consolidation between $2.82 and $2.83 on lighter volume.
• Closing price near $2.82 kept XRP just above the $2.77 support pivot, viewed as the next key downside guardrail.

Technical Analysis

• Support: Strong bid zone identified at $2.77–$2.81 following repeated defenses.
• Resistance: Immediate ceiling at $2.88–$2.89, with $3.00 psychological level and $3.30 breakout threshold above.
• Indicators: RSI sits mid-50s, reflecting neutral-to-bullish bias.
• MACD histogram converges toward bullish crossover, signaling possible momentum shift if volume returns.
• Structure: Ongoing 47-day consolidation under $3.00, with a close above $3.30 opening potential path to $4.00+.

What Traders Are Watching

• Whether $2.77 holds as the decisive support level if selling resumes.
• Price behavior on retests of $2.88–$2.89 resistance, particularly if volume surpasses daily averages.
• How whale accumulation offsets elevated exchange balances, which suggest latent supply risk.
• October SEC decisions on spot XRP ETFs, viewed as a key institutional adoption catalyst.
• Macro drivers from Fed policy and inflation data releases that may influence flows across digital assets.

Source link